During the recent session, Canopy Growth Corporation (NASDAQ:CGC)’s traded shares were 22.13 million, with the beta value of the company hitting 1.33. At the last check today, the stock’s price was $10.93, reflecting an intraday gain of 0.37% or $0.04. The 52-week high for the CGC share is $19.20, that puts it down -75.66 from that peak though still a striking 74.75% gain since the share price plummeted to a 52-week low of $2.76. The company’s market capitalization is $995.83M, and the average intraday trading volume over the past 10 days was 39.33 million shares, and the average trade volume was 9.08 million shares over the past three months.
Canopy Growth Corporation (NASDAQ:CGC) trade information
Canopy Growth Corporation (CGC) registered a 0.37% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 0.37% in intraday trading to $10.93, hitting a weekly high. The stock’s 5-day price performance is 14.45%, and it has moved by 278.20% in 30 days. Based on these gigs, the overall price performance for the year is -35.33%. The short interest in Canopy Growth Corporation (NASDAQ:CGC) is 5.29 million shares and it means that shorts have 2.03 day(s) to cover.
Canopy Growth Corporation (CGC) estimates and forecasts
Statistics show that Canopy Growth Corporation has outperformed its competitors in share price, compared to the industry in which it operates. Canopy Growth Corporation (CGC) shares have gone up 59.98% during the last six months, with a year-to-date growth rate more than the industry average at 89.59% against 17.70. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to grow 96.50% this quarter and then jump 44.20% in the quarter after that. In the rating firms’ projections, revenue will decrease -19.60% compared to the previous financial year.
Revenue for the current quarter is expected to be $53.04 million as predicted by 9 analyst(s). Meanwhile, a consensus of 7 analyst(s) estimates revenue growth to $54.64 million by the end of Jun 2024. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $64.64 million and $66.99 million respectively. In this case, analysts expect current quarter sales to shrink by -17.90% and then drop by -18.40% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -76.81%. While earnings are projected to return 90.94% in 2024, the next five years will return 13.28% per annum.
CGC Dividends
Canopy Growth Corporation is due to release its next quarterly earnings between June 20 and June 24. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.
Canopy Growth Corporation (NASDAQ:CGC)’s Major holders
Canopy Growth Corporation insiders own 19.04% of total outstanding shares while institutional holders control 4.90%, with the float percentage being 6.05%. Luxor Capital Group, LP is the largest shareholder of the company, while 266 institutions own stock in it. As of Jun 29, 2023, the company held over 16.55 million shares (or 2.26% of all shares), a total value of $6.42 million in shares.
The next largest institutional holding, with 10.97 million shares, is of Vanguard Group Inc’s that is approximately 1.50% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $4.26 million.
Also, the Mutual Funds coming in first place with the largest holdings of Canopy Growth Corporation (CGC) shares are ETF Managers Tr-EFTMG Alternative Harvest ETF and Global X Fds-The Global X Cannabis ETF. Data provided on Jun 29, 2023 indicates that ETF Managers Tr-EFTMG Alternative Harvest ETF owns about 11.0 million shares. This amounts to just over 1.50 percent of the company’s overall shares, with a $4.27 million market value. The same data shows that the other fund manager holds slightly less at 3.54 million, or about 0.48% of the stock, which is worth about $2.77 million.
